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KuybyshevAzot OAO Approves Industrial Gases Joint Venture with Linde AG's Unit-Interfax

Monday, 8 Apr 2013 09:12am EDT 

Interfax reported that the Board of Directors at KuybyshevAzot OAO (KuibyshevAzot) has approved forming a 50/50 industrial gas production joint venture with Germany's Linde AG, the Russian company said in a statement. The new company will be established jointly with Commercium Immobilien und Beteiligungs GmbH, which is part of Linde AG. KuibyshevAzot will own 50% of the shares, par value RUB 1 million, which may in time be increased to RUB 1.5 billion. In other words, charter capital will initially be RUB 2 million with a view to being increased to RUB 3 billion. The Russian company was supposed to own 24% of the joint venture, with a nominal value not topping EUR 15 million at the Central Bank of Russia's (CBR) exchange rate. However, at a meeting on February 4, KuibyshevAzot's Board of Directors gave tentative approval to change the stake to 50%, with a nominal value of no more than EUR 31.5 million at the Central Bank's exchange rate. Last summer, KuibyshevAzot said that it had held talks with Linde AG to create a joint venture in the Samara region to produce industrial gases, followed by long-term supplies of hydrogen and ammonia to the Russian company. The project has been estimated to cost EUR 200 million, with plans to start implementing it this year. Tentatively, construction of the facility on KuibyshevAzot's basis is slated to finish up in 2016. 

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